Reports have suggested that the 23-year old forward was set to be sold in the summer for less than £400,000 with his agent trying to force a transfer at a derisory fee.
But a Terrors statement clearly suggests that the club will not be held to ransom on a player they have helped develop since he arrived as a youth in 2003.
"We have the utmost respect for Johnny Russell and will not stand in the way of him furthering his career," the statement read.
"However we will not be told by agents how to run our football club. We have invested heavily in our youth set up over the last few years and expect to receive a decent return on this investment when players are sold.
"If we are to continue to invest in our youth system and develop players to enable them to further their careers, we must ensure that this investment is sustainable."